Fri, 31 Jan, 2014 12:48:05 AM FTimes-STT Report, January 31  Finance Minister Jutta Urpilainen speaking on economic policies at a press conference in Helsinki on Thursday. Photo – Str / Lehtikuva. Finance Minister Jutta Urpilainen on Thursday said the government plan to cut spending would put tremendous pressure on economic growth and employment.
The minister stressed that the government needed to review its economic policy pointing out that it needed to adjust its timetable to meet the proposed savings target and reduce the debt ratio.
In an interview with the YLE TV, Urpilainen, also chief of the Suomen Sosialidemokraattinen Puolue (social democratic party), the second largest component of the six-party ruling alliance, said more time was needed in order to get out of the debt fold.
Finance Minister Jutta Urpilainen at a meeting on economic policy n Helsinki on Thursday.Photo – Lehtikuva. Urpilianen spoke on the same issue after attending a seminar in Säätytalo organised as part of the government ‘s preparation for the March spending limits.
In a press conference after the seminar, Urpilainen said experts had also expressed their reservations and urged for more sensible timing considering the current state of the economy.
Urpilainen believes that the experts’ message should be taken seriously as the €3bn budget readjustment may turn out to be counterproductive for economic growth with the current timetable.
The government has earlier agreed on a savings target of €3bn by 2015 through additional taxation and limiting expenditure.
“The three billion budget readjustment by next year is not a wise and prudent financial policy,” said Urpilainen.
However, Prime Minister Jyki Katainen could not be reached for a comment because he is currently on an official visit to the African continent. The premier visited Zanzibar and Dar es Salaam on Thursday.
According to a staff in his the office, the prime minister has not yet reviewed Urpilainen’s speech but he intends to touch on the economic policy next week in parliament.
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